The Ant Group logo and the Alibaba Group logo are displayed at the company’s headquarters in Hangzhou, China.
Kilai Shen | Bloomberg | Getty Images
Ant Group will raise 34 34.5 billion in its dual initial public offering (IPO) after setting its share price on Monday, making it the largest listing ever.
The Chinese financial technology giant had earlier said it would distribute its stock issue equally in Shanghai and Hong Kong, issuing 1.67 billion new shares each.
The Shanghai listed shares of Ant Group will be priced at 68 68..8 yuan. The issue of 1.67 billion shares will raise 114.94 billion yuan or 17.23 billion dollars, according to the exchange rate listed in the official filing.
Hong Kong listed shares are valued at HK 80 80 each, raising HK 13 133.65 billion or .2 17.24 billion.
The list will increase below વધારો 5.5 billion in total, a figure that is likely to be higher if the so-called over-allocation option is used based on demand. It makes it the largest IPO ever, surpassing previous record holder Saudi Aramco, which has raised just 29 29 billion.
Based on pricing, the ant will be valued at 31 313.37 billion, larger than some of the largest banks in the US, including Goldmoney and Wells Fargo.
Ant Group is expected to start trading in Hong Kong from November 5, according to regulatory filings. The company has not disclosed when its Shanghai shares will start trading.
The Chinese company had earlier said that strategic investors have agreed to subscribe to 80 per cent of the company’s shares issued by Shanghai. Alibaba, through its subsidiary Zhejiang Tmal Technologies via Ji, has agreed to buy 3030 million A-shares, yuan-denominated shares of Chinese companies listed on the mainland exchange. This will allow Alibaba to retain about 33% stake in Ant Ant Group.
The price of ants has been determined after regulators in mainland China and Hong Kong gave the go-ahead for the list last week.
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